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Answers (8)
- Sef Robinson, "buyORrefi"
- Contributions:3
The Reverse Mortgage is a good option for senior home owners age 62 and over. Also, they must have a good amount of equity in their home. The ideal candidate is someone who is having difficulty maintaing their monthly bills while receiving a fixed income..
- Mike Harrison, "mikeharrison"
- Contributions:28
A reverse mortgage is a loan against your home that you do not have to pay monthly payments for as long as you live in the home. You can refinance a traditional mortgage with a reverse mortgage and/or be paid cash by borrowing the equity in your home.
An informative article can be found here.
Reverse Mortgages: How do they work?
An informative article can be found here.
Reverse Mortgages: How do they work?
- Andrew Adams, "203K Specialist"
- Contributions:9349
Cliff,
Read the Zillow Policies Spamming is a no no!
Read the Zillow Policies Spamming is a no no!
- Cliff Auerswald, "allreverse"
- Contributions:4
[content removed by moderator for being self promotional]
- Gene Mundt, "profmortgagebanker"
- Contributions:74
Reverse mortgages are for 62 yrs./older. Mortgage-holders don't make monthly payments, retain title/ownership of their home, receive monthly, lump sum/combination payment. They DO NOT interfere with inheritances & eliminate/payoff monthly payments/debt. Consultation is FREE. Rev. Mortgage paid in full when home is sold, final surviving borrower dies, property Taxes become delinquent, Homeowner's ins. lapses, home is abandoned for 12+ mos., home falls into disrepair, is rented, is used as collateral in another loan, zoning classification changes, another owner is added to title. No matter how long you live, you never owe more than actual value of home, even if it depreciates in value. Amount owed depends on cash advances received/interest charged. Repayment is made through proceeds of home's sale/other funds, if available. If borrower dies, mortgage must be repaid before title can be transferred. Out of pocket costs can consist of appraisal & credit report fees/Other costs can include closing costs, title search, inspection, Homeowner's Ins., origination charges & etc. Federal Truth-in-Lending law require lender discloses "Total Annual Loan Cost" for loan/total cost over life-period of the Mortgage. Rev. Mortgages stipulate that independent counseling prior to approval/qualification of loan is mandatory. Pros & cons or mortgage must be weighed/Merits determined by individual's personal financial situation. If I can answer specific questions, contact me.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Basically all borrowers need to be at least 62 years of age the loan amount is determined by a combination of the apprased value and your age.
They are very expensive to close, however the closing costs are added to the loan so you do not bring anything to closing. You are required to attend counseling.
A goud source of information is AARP.
- Leo12345
- Contributions:2
I need imformation !
- Andrew Adams, "203K Specialist"
- Contributions:9349
What about them?
reverse mortgage?
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